Venezuelan bonds tumbled Tuesday after IPD Latin America said the country’s oil production fell more than investors had expected. The yield on the country’s benchmark dollar bond due in 2027 rose 48 basis points as of 2:29 p.m. in New York, the biggest increase on a closing basis in a month, to 25.1 percent. The bond’s price fell 0.88 cent to 41.07 cents on the dollar, according to data compiled by Bloomberg. Output slid 188,000 barrels a day in the first quarter of the year to 2.59 million barrels a day, Miami-based energy consultancy IPD said in an e-mailed statement, adding that it’s the first time since 2008 that oil output has fallen across all regions in the country. While the fact that Venezuela was facing declining production was known, the magnitude was larger than expected, Bank of America Corp. economist Francisco Rodriguez said in a research note published […]